Cushman & Wakefield’s Property Management team goes above and beyond to keep tenants happy and maintain relationships, especially when the storm rolls in. In Arizona, we are in the middle of monsoon season and flooding and damage comes with the territory.
Property managers (PM’s) are the eyes and ears on the property, day in and day out. Whether they are “looking” over the property to make sure it’s at its best or “listening” for intel from tenants, they are your go to source for information. PM’s provide the broker with the necessary tools and the confidence that everything is being taken care of onsite. To have a successful commercial real estate project, here are some tips on how to build up the PM/broker relationship:
Open lines of communication
Reach out and communicate to your property manager (PM) regarding any issues with the building that you see needs to be fixed (i.e. lights out, toilet broken, fallen trees, etc.). A PM’s job is to ensure that the building and the vacancies are always “show ready”. It goes a long way to let them know, kindly, when there is an issue.
Broker Testimonial: “This is ‘where the rubber hits the road’. All the marketing efforts will be for nothing if the building doesn’t show well. Typically prospects look at the parking lot as they approach the building, then they look at the building façade and landscaping while touring the property. If a landlord doesn’t pay to take care of the property, the message to the tenant is the landlord will not pay to care of the issues that arise in a tenant’s space. Therefore, the entire visual of a property, which is taken care by the property manager, is instrumental when presenting a building to a prospect,” says Greg Mayer, Senior Director.
Use PM’s as a resource
When a PM feels they have a solid relationship with their broker, they will share information that they learn from tenants. PM’s can be the first to know who wants to expand, if there is a change in operations within the company, if there is change in point of contact with the company, if they are planning on moving out at the end of their lease, etc. Also, if there happens to be a midnight move and the tenant vacated without notice, PM’s will help you stay “in the know” with all of the tenants. This not only helps brokers look amazing to the landlord but can also help retain or drive potential business.
In addition, knowing the history of the tenant helps the broker know what issues the tenant has had with the building which will likely come up in renewal discussions. On the other side of the negotiation table, the PM will know if the tenant has missed rent payments. The PM can also inform the broker about the tenant’s employees or clients. There are some instances where the employees of one tenant will negatively affect the marketability of a building such as smokers, inappropriate dress code, etc.
Broker Testimonial: “Having a solid working relationship with a property manager is critical in the success of leasing up and keeping tenants within a real estate project. Open communication is very important, as well as quick responsiveness. Brokers rely on PM’s to help close leases, as well as renew tenants,” says Mike Haenel, Executive Managing Director.
The ongoing success of any property will hinge on the success of the broker/PM relationship!
Sue Cannon is Senior Vice President of Asset Services at Cushman & Wakefield for the Phoenix office. Sue has over 20 years of experience as a licensed real estate professional leading, managing and overseeing property management services for institutional and large investor owners in Arizona. She has experience creating and supervising teams of property managers, accountants and maintenance personnel, as well as presenting property strategies to institutional owners for multi-million square foot portfolios. She is responsible for strategic business planning and management of client relationships.